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Nov 17, 2012
11/12
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the capital gains tax could go from 15% to 20% and dividend taxes would go from 15% to the income tax rate. as i showed you, 39.6%. mitt romney argue this is would hurt individuals with savings and who own dividend paying stocks. but investment gains are enjoyed by the wealthy. this, again, would target that rich group that president obama is talking about. but that's not all. the president also wants to raise an additional $500 billion by limiting the value of deductions that high income households now enjoy. and he wants to use the so-called buffet rule as a guide to future tax reform. the goal being to make sure that anyone making more than $1 million pays a minimum of 30% of their income in federal taxes regardless of what the deductions and credits are otherwise available to them. now we'll hear more directly about that from warren buffett later in the show. but this show is more about politics than economics. right now, remember that in 2010, president obama vowed to eliminate the bush tax cuts for the rich. well, he folded back then. he loud them to be renewed for another two y
the capital gains tax could go from 15% to 20% and dividend taxes would go from 15% to the income tax rate. as i showed you, 39.6%. mitt romney argue this is would hurt individuals with savings and who own dividend paying stocks. but investment gains are enjoyed by the wealthy. this, again, would target that rich group that president obama is talking about. but that's not all. the president also wants to raise an additional $500 billion by limiting the value of deductions that high income...
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524
Aug 11, 2012
08/12
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eye 524
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that's the tax code. the u.s. tax code. probably the most complicated federal tax system on the planet. maybe even in the galaxy. e we all want to reform the mess. i'll tell you how we're going to do it on the other side. lowed to be frivolous. ah ok, move my 4 o'clock today to tomorrow. change my 11am to 2. [siri] ok marty, i scheduled it for today. is that rick? where's rick? [siri] here's rick. oh, no that's not rick. now, how's the traffic headed downtown? [siri] here's the traffic. ah, it's terrible, terrible! driver, driver! cut across, cut across, we'll never make it downtown this way. i like you siri, you're going places. [siri] i'll try to remember that. so how much do we owe you? that'll be $973.42. ya know, your rates and fees aren't exactly competitive. who do you think i am, quicken loans? [ spokesman ] when you refinance your mortgage with quicken loans, you'll find that our rates and fees are extremely competitive. because the last thing you want is to spend too much on your mortgage. one more way quicken loa
that's the tax code. the u.s. tax code. probably the most complicated federal tax system on the planet. maybe even in the galaxy. e we all want to reform the mess. i'll tell you how we're going to do it on the other side. lowed to be frivolous. ah ok, move my 4 o'clock today to tomorrow. change my 11am to 2. [siri] ok marty, i scheduled it for today. is that rick? where's rick? [siri] here's rick. oh, no that's not rick. now, how's the traffic headed downtown? [siri] here's the traffic. ah,...
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Dec 9, 2012
12/12
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a promise to never raise taxes. at one point, not signing would have been political suicide for republicans, but now, fears about the fiscal cliff and america's debt are pushing some seen here to renounce the pledge. i've been highlighting members of congress who have recently said they're getting over grover. one, tom cole, says he is not bound anymore. representative cole, you wrote allowing taxes to rise for the top bracket may seem acceptable by comparison, but this path would be enormously damaging for the economy. which meant you weren't going to do it. now, you've been urging your fellow congressmen to at least extend the bush era tax cuts to those making less than $250,000 and then do battle over tax cuts for the wealthy later. what has changed your mind? >> frankly, nothing, and you've mischaracterized my position. i'm not for raising tax rates on anybody. it's going to slow down, hurt rates. that's my position. not just because i signed a pledge, because that's what i believe. what i have said is we agree
a promise to never raise taxes. at one point, not signing would have been political suicide for republicans, but now, fears about the fiscal cliff and america's debt are pushing some seen here to renounce the pledge. i've been highlighting members of congress who have recently said they're getting over grover. one, tom cole, says he is not bound anymore. representative cole, you wrote allowing taxes to rise for the top bracket may seem acceptable by comparison, but this path would be enormously...
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Feb 26, 2012
02/12
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eye 145
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can tax reform be efficient? can it even be pro growth tax code without it being as complicated as the u.s. tax code is? >> absolutely. obviously i spent a lot of time in hong kong, as you know, and they have a very simple tax system. i think it certainly is very proactive in helping businesses with the certainty issue and also their ability to invest and create jobs. what is the challenge for us in the united states and frankly has been the politicalization of our tax code and that gets to the loopholes and deductions issue which the administration is trying to address. in some of their recommend takes. >> some of these loopholes and deductions are good things. some of these things you put in there because you want to incentivize a company to buy that extra real estate for a factory. >> or research and development. >> research and development or maybe that's the thing that will tip them over the edge to invest in a new facility. but i think when you're talking about the certainty of that, a lot of these things a
can tax reform be efficient? can it even be pro growth tax code without it being as complicated as the u.s. tax code is? >> absolutely. obviously i spent a lot of time in hong kong, as you know, and they have a very simple tax system. i think it certainly is very proactive in helping businesses with the certainty issue and also their ability to invest and create jobs. what is the challenge for us in the united states and frankly has been the politicalization of our tax code and that gets...
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Nov 18, 2012
11/12
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and it's been paying more taxes, not less taxes. if you consider sales taxes which have gone up dramatically, you consider social security taxes which over the last 20 years have continued to rise, you consider property taxes. the middle class is paying out their ears with regard to taxes, ask finally the middle class is critical to a recovery. that's where the demand in the economy comes from. they are the job creators because it's their spending that actually creates incentives for businesses to expand and create more jobs. you don't want to put an added tax burden on the middle class. >> look, laudiblely, liberals want to protect the most vulnerable in society by ensuring employment benefits and food stamps and housing subsidies and heating, but if you have the middle class pay more for these things, aren't you endangering the ultimate demise of those services because we won't get economic growth? >> most middle class people, ali, don't take advantage of the safety net programs you are talking about because most middle class peop
and it's been paying more taxes, not less taxes. if you consider sales taxes which have gone up dramatically, you consider social security taxes which over the last 20 years have continued to rise, you consider property taxes. the middle class is paying out their ears with regard to taxes, ask finally the middle class is critical to a recovery. that's where the demand in the economy comes from. they are the job creators because it's their spending that actually creates incentives for businesses...
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Feb 19, 2012
02/12
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tax code. you wrote that our individual income tax system is, quote, as out of touch with our era as digital music is with the hand cranked control of music players of 1912. if the current tax code is unfair and again i don't want to get caught up in language whether unfair or not pro growth, what would you do to change it? >> well, fundamentally i think we need to recognize we have a tax system that is allowing companies to earn profits in america and then siphon those profits out of the country as tax deductible expenses and hold the money offshore untaxed. that's what that 1.4 trillion is offshore. it's invested in the u.s. owned offshore. companies shouldn't be able to take money out of the american profits that's pockets and put it in a cayman islands pocket and pay no taxes on it. we need a system that encourages investment and especially investment in manufacturing and creating things. and there's something we can do outside the tax system that would be far more powerful on taxes and tha
tax code. you wrote that our individual income tax system is, quote, as out of touch with our era as digital music is with the hand cranked control of music players of 1912. if the current tax code is unfair and again i don't want to get caught up in language whether unfair or not pro growth, what would you do to change it? >> well, fundamentally i think we need to recognize we have a tax system that is allowing companies to earn profits in america and then siphon those profits out of the...
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Dec 22, 2012
12/12
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energy is a tax on -- energy prices are a tax on everyone. >> right. >> they're a tax on households, on business ls. and we are going to see much more available cheaper energy and that will lower the burden on households and crucially, as you pointed out -- and this is where i think you're going to see a knock-on effect, it makes manufacturing more viable in the u.s. so it's not just the jobs in the energy sector. it's the fact that all of them, especially natural gas, which is hard to transport, it starts to make sense to locate those factory where is that energy is. p other thing that i love about the energy is story is, as we've discussed a lot, one of my huge concerns about the u.s. economy is well-paying middle-class jobs. and i think that, you know, we can't neglect the economic reality that we are seeing the hollowing out of those jobs, huge downward pressure on wages. >> right. >> in the energy sector, that's not happening so much because in the actual production of natural resources you can't outsource those jobs. those are good jobs. >> can i give you an example of what she
energy is a tax on -- energy prices are a tax on everyone. >> right. >> they're a tax on households, on business ls. and we are going to see much more available cheaper energy and that will lower the burden on households and crucially, as you pointed out -- and this is where i think you're going to see a knock-on effect, it makes manufacturing more viable in the u.s. so it's not just the jobs in the energy sector. it's the fact that all of them, especially natural gas, which is hard...
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Jul 14, 2012
07/12
by
CNN
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eye 163
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everyone wants lower taxes. you can't have lower taxes. for years and years your federal government both political parties mismanaged the books and spent more money than they took in. our tax system is broken. half the country pays no income tax and the rich pay as a percentage of their income less than the middle class does. we have a tax system that needs entire overhaul and we have a lot of interest to pay on the debt that we have accumulated which is why at least for the moment you can't have a tax cut. what president obama wants to do is extend the tax cut that you have actually been living with for about a decade. back during the final years of the clinton administration the u.s. had a budget surplus. in the year 2000 the federal government took in $236 billion more than it spent. in the presidential election that year then texas governor george w. bush running against al gore pledged to give that money back to the taxpayers. >> we don't believe the surplus is the government's money. we know the surplus is the people's money. we're g
everyone wants lower taxes. you can't have lower taxes. for years and years your federal government both political parties mismanaged the books and spent more money than they took in. our tax system is broken. half the country pays no income tax and the rich pay as a percentage of their income less than the middle class does. we have a tax system that needs entire overhaul and we have a lot of interest to pay on the debt that we have accumulated which is why at least for the moment you can't...
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Oct 20, 2012
10/12
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i want to lower everyone's taxes. i do not want to raise taxes on the middle class. look at the tax policy center and how they look at the buckets of deduction that's mitt romney talks about, kevin, if yorepeal all of the itemized deductions, you look at the buckets that mitt romney is proposing he would have the tax plan is $17,000 cap on deductions. that would raise $1.7 trillion. you get the picture. 50,000, only $763 billion. how do you make -- it's just economic growth enough to make it up, make up the rest of it? >> no. you don't need economic growth at all. they took a bunch of stuff off the table. governor romney is not drawing lines in the sand. again, there are $2 trillion worth of tax expenditures a year you could potentially draw from. now governor romney doesn't want to lift taxes on capital gains and dividends. that is a chunk of it. there is a lot of stuff left over. and that's why harvey rosen and marty phelps has done analysis that shows before you get to growth can you get really darn close. but let's not forget that -- >> what are the things you're
i want to lower everyone's taxes. i do not want to raise taxes on the middle class. look at the tax policy center and how they look at the buckets of deduction that's mitt romney talks about, kevin, if yorepeal all of the itemized deductions, you look at the buckets that mitt romney is proposing he would have the tax plan is $17,000 cap on deductions. that would raise $1.7 trillion. you get the picture. 50,000, only $763 billion. how do you make -- it's just economic growth enough to make it...
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Nov 11, 2012
11/12
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taxes. they're saying, let's go over it, it's really going to hurt. the president caved twice. he cannot cave again. even a few days off the fiscal cliff could spark a financial crisis. you just don't play with that fire. >> remember the day in 2008 when t.a.r.p. failed in the house and the dow plunged 770 points? >> they didn't get it then, and suddenly when the market was telling them the world is looking at you, america, saying, wow, you're a bunch of fools. then they spent several years denying they ever bailed out the banks. the point is they don't get that it's not really up to them. it's up to them to make sure the rest of the world doesn't completely lose confidence in them. >> what this comes down to, we all think it's not going to happen, we hope it does happen, but it comes down to the decision of who pays more tax, who pays less tax and what benefits stay or goes away. john boehner, the speaker of the house, says republicans will accept higher tax revenues but not higher taxes. h
taxes. they're saying, let's go over it, it's really going to hurt. the president caved twice. he cannot cave again. even a few days off the fiscal cliff could spark a financial crisis. you just don't play with that fire. >> remember the day in 2008 when t.a.r.p. failed in the house and the dow plunged 770 points? >> they didn't get it then, and suddenly when the market was telling them the world is looking at you, america, saying, wow, you're a bunch of fools. then they spent...
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Apr 21, 2012
04/12
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what's the purpose of the tax code. is the purpose of the tax code to raise revenue for the government to pay for its expenditures. i think most people say yes. is the purpose of the tax code to influence behavior. it certainly has become that. a child tax credit. >> do you disagree with that? >> to some degree, ali. when you talk about capital gains we have to have a debate do you want to incentivize investment, startup venture capital has been good for the company. i have to be honest, i say yes, capital gains lower, you open yourself up to logical consistency. should we incentivize home ownership, having children? >> we do. >> talk about -- >> we do incentivize home ownership. we spend a lot of money encouraging home ownership. if you get a mortgage you can deduct the interest you pay from taxes. what that does is create a home ownership culture that says it's better to own a home than rent a home. guess what, the united states doesn't have a higher rate of home ownership than canada or germany, countries that don't
what's the purpose of the tax code. is the purpose of the tax code to raise revenue for the government to pay for its expenditures. i think most people say yes. is the purpose of the tax code to influence behavior. it certainly has become that. a child tax credit. >> do you disagree with that? >> to some degree, ali. when you talk about capital gains we have to have a debate do you want to incentivize investment, startup venture capital has been good for the company. i have to be...
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Oct 13, 2012
10/12
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CNN
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let's talk about taxes next. i'm going to let governor romney explain this for himself. >> well, i've made it pretty clear that my principles are number one, simplify the code, number two, create incentives for small businesses and large businesses to grow. number three, don't reduce the burden on high-income taxpayers. and number four, remove the burden somewhat from middle income people. >> now, you can get all that done in four years we'll have a bran new tax code by 2016. again, it's bold. everybody talks about doing it but nobody's done it really since reagan. finally let's take a look at the deficit. romney is planning to cut a lot more than funding to big bird and pbs. his plans include repealing obama care, reducing foreign aide and privatizing amtrak. you may notny that's that big of a deal. i use it all the time. romney says privatizing it will save $1.3 billion. the budget is made up a lot of small things. however he does it, his goal is to reduce government spending to 20% of gdp. gdp is the biggest m
let's talk about taxes next. i'm going to let governor romney explain this for himself. >> well, i've made it pretty clear that my principles are number one, simplify the code, number two, create incentives for small businesses and large businesses to grow. number three, don't reduce the burden on high-income taxpayers. and number four, remove the burden somewhat from middle income people. >> now, you can get all that done in four years we'll have a bran new tax code by 2016. again,...
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Dec 29, 2012
12/12
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raised the capital gains tax, the top marginal tax rates, but also tax increases distract from what the country needs to do. we need to deal with our runaway government spending. the government is spending too much money. tax increases are not part of cutting the budget. tax increases are what politicians do instead of reform the government. as long as tax increases are on the table, the politicians never even think about reforming government. >> and i understand. you have been on this fight for a long time and you've been devoted to the whole idea of not seeing taxes increase anywhere. but what we're down to right now is largely a political battle over the increase in marginal tax rates based on what you earn. i understand there's a lot more to this puzzle, but on that front, because that's the one that gets most of the ink around here, whether people who earn more than $250,000 or $400,000 or $1 million should may-pay more tax. the point is that's not going to hurt the economy. that's all we're talking about. paying 4.6%, 8 points higher on your income over $250,000, empirically t
raised the capital gains tax, the top marginal tax rates, but also tax increases distract from what the country needs to do. we need to deal with our runaway government spending. the government is spending too much money. tax increases are not part of cutting the budget. tax increases are what politicians do instead of reform the government. as long as tax increases are on the table, the politicians never even think about reforming government. >> and i understand. you have been on this...
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Apr 22, 2012
04/12
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tax policy center helped us put this together. these different groups of popcorn represent your income level. the bigger the bag, the bigger the income level of the group we're talking about. i want to use the popcorn to demonstrate how much of the total pie, how much of the total tax revenue is generated by each group. let's start over here with the little one. these are people who earn less than $30,000 a year. that, by the way, is about 44.8% of all households in the united states. they don't pay a lot in income tax. in fact, generally speaking they get back 4.8%. i'm going to put a few kernels into their pot because they are not paying taxes. let's look at another group. this bag represents people who earn between $30 and $100,000 a year. that's about 40% of households in the united states. this group represents a contribution of 18%. 18% of the total personal tax revenues come from here. i'm going to put about two handfuls of popcorn in the bowl to represent the taxes they pay. this bag represents people who earn between $100
tax policy center helped us put this together. these different groups of popcorn represent your income level. the bigger the bag, the bigger the income level of the group we're talking about. i want to use the popcorn to demonstrate how much of the total pie, how much of the total tax revenue is generated by each group. let's start over here with the little one. these are people who earn less than $30,000 a year. that, by the way, is about 44.8% of all households in the united states. they...
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160
Nov 10, 2012
11/12
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CNN
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tax rates? would that count? would that violate the pledge? >> that would clearly be -- you gont to the american people and say we raised taxes $500 billion and then we cut it $400 billion, please look at the cut and not the overall rate. if you raise taxes $100 million on american people, they're going to notice it. i doesn't pass the laugh test. >> thank you for being us with again. >> you got it. >> the talk does sound vaguely promising from the president. >> let's rise above the dysfunction and do the right thing together for our country. >> compromise is not a dirty word. >> so will our leaders rise to the occasion and drag us over the fiscal cliff with them or will they compromise? we'll gauge the odds of compromise next. [ female announcer ] need help keeping your digestive balance? align can help. only align has bifantis, a patented probiotic that naturally helps maintain your digestive balance. try align to help retain a balanced digestive system. try the #1 gastroenterologist recommend
tax rates? would that count? would that violate the pledge? >> that would clearly be -- you gont to the american people and say we raised taxes $500 billion and then we cut it $400 billion, please look at the cut and not the overall rate. if you raise taxes $100 million on american people, they're going to notice it. i doesn't pass the laugh test. >> thank you for being us with again. >> you got it. >> the talk does sound vaguely promising from the president. >>...
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Aug 12, 2012
08/12
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that's the tax code. the u.s. tax code. probably the most complicated federal tax system on the planet. maybe even in the galaxy. we all want to reform this colossal mess. i'll tell you how we're going to do it on the other side. [ chirping ] ♪ [ chirping ] ♪ [ male announcer ] audi a4 drivers have spoken. [ engine revs ] and they ranked the a4 highest in total quality index in its class. [ chirps ] experience the summer of audi event and get exceptional values on the audi you've always wanted. you tell us what you want to pay, and we give you a range of coverages to choose from. who is she? that's flobot. she's this new robot we're trying out, mostly for, like, small stuff. wow! look at her go! she's pretty good. she's pretty good. hey, flobot, great job. oops. [ powers down ] uh-oh, flobot is broken. the "name your price" tool, only from progressive. call or click today. >>> want to comply with the u.s. tax code? no problem. this is just one piece of it. it's 73,608 pages. you just need to quickly leaf through the fir
that's the tax code. the u.s. tax code. probably the most complicated federal tax system on the planet. maybe even in the galaxy. we all want to reform this colossal mess. i'll tell you how we're going to do it on the other side. [ chirping ] ♪ [ chirping ] ♪ [ male announcer ] audi a4 drivers have spoken. [ engine revs ] and they ranked the a4 highest in total quality index in its class. [ chirps ] experience the summer of audi event and get exceptional values on the audi you've always...
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Sep 9, 2012
09/12
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eye 112
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. >> we are going to roll back the bush tax cuts. >> reporter: instead, he agreed to extend those tax cuts for two more years, in a compromise to get republicans to extend jobless benefits to millions of unemployed americans. >> i have no doubt that everyone will find something in this compromise that they don't like. in fact, there are things in here that i don't like. >> reporter: barack obama promised to clean up the financial sector. >> we've got to solve this banking crisis. >> reporter: but opposition in congress watered the reforms down. banks are still risking your money. some say wall street is as treacherous as ever. barack obama promised foreclosure relief. >> we're going to put together a foreclosure fund to help people stay in their homes. >> reporter: his multiple plans did help, but fell far short of their goals. foreclosures are down, but 3 million homeowners have lost their homes since barack obama was sworn in. and barack obama promised to tackle the federal deficit. >> i'm pledging to cut the deficit we inherited by half by the end of my first term in office. >> rep
. >> we are going to roll back the bush tax cuts. >> reporter: instead, he agreed to extend those tax cuts for two more years, in a compromise to get republicans to extend jobless benefits to millions of unemployed americans. >> i have no doubt that everyone will find something in this compromise that they don't like. in fact, there are things in here that i don't like. >> reporter: barack obama promised to clean up the financial sector. >> we've got to solve this...
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Aug 25, 2012
08/12
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that combined with a series of tax increases including an end to the bush era tax cuts and payroll tax. measures scheduled to start on january 2nd unless congress acts. don't hold your breath, folks. if you recall, the sequester legislation was passed a year ago to end a bitter debate then over extending the government's debt ceiling. intense partisan blackmail by both sides nearly shut down the government and led to a downgrade of the united states credit rating. now the enormous amount of spending cuts and tax increases, if they stand, will shrink your economy at a time when you expect your political leaders to do everything they can to stave off another recession. and a new report from the cbo says unemployment will rise, will rise to 9% in the second half of 2013. but what happens if lawmakers act and avoid taking us over a fiscal cliff? the cbo says the economy will grow by 1.7% next year. sure, that's a normal circumstance that's is considered dismal. it's still growth. in addition, the cbo projects two million jobs will be created while the unemployment rate will stay steady at
that combined with a series of tax increases including an end to the bush era tax cuts and payroll tax. measures scheduled to start on january 2nd unless congress acts. don't hold your breath, folks. if you recall, the sequester legislation was passed a year ago to end a bitter debate then over extending the government's debt ceiling. intense partisan blackmail by both sides nearly shut down the government and led to a downgrade of the united states credit rating. now the enormous amount of...
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136
Oct 14, 2012
10/12
by
CNN
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eye 136
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let's talk about taxes. next i'm going to let governor romney explain this for himself. >> well, i've made it pretty clear that my principles are, number one, simplify the code, number two, create incentives for large businesses and small businesses to grow, number 3, don't burden high income taxpayers, and number 4, reduce the burden of tax for middle income people. >> he can do that, we'll have a brand new tax plan. it's bold, but nobody has really done it since reagan. finally, let's look at the deficit. romney is planning to cut more funding than big bird and pbs. his plan is to reduce foreign aid, and one of the biggest cuts, prioritizing amtrak. you may not think that's a big deal, i use amtrak all the time. romney says privatizing it will save $1.2 billion. however he does it, his goal is to reduce government spending to 20% of gdp. gdp is the biggest measure of everything we produce in society, and he wants to that by the end of his first term. right now government spending is at 25% of gdp. let's sh
let's talk about taxes. next i'm going to let governor romney explain this for himself. >> well, i've made it pretty clear that my principles are, number one, simplify the code, number two, create incentives for large businesses and small businesses to grow, number 3, don't burden high income taxpayers, and number 4, reduce the burden of tax for middle income people. >> he can do that, we'll have a brand new tax plan. it's bold, but nobody has really done it since reagan. finally,...
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144
Aug 4, 2012
08/12
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eye 144
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but i do think that we have a tax system, the way that we're taxing is very contrary to growth. we reward debt over equity. we reward consumption over investment. and those kinds of things -- i think the rates are too high. we depend too much on the top 2% or 3% to pay too big a percentage of the taxes. so what i'm saying is if we restructured our system that i think democrats and republicans could agree on, you get more growth in the economy and get the jobs you and i want to see. >> again, no disagreement there. the issue is we see how long it takes to get anything done restructure the economy so we get four years of growth at 250,000, i think it's impractical. coming up, here come the storm. congress is not doing enough. here's a congress which could help and it's becoming part of the problem. if they don't act, is there anyone else, anyone else who can save from you the storm? i've got an idea. there are a lot of warning lights and sounds vying for your attention. so we invented a warning you can feel. introducing the all-new cadillac xts. available with a patented safety al
but i do think that we have a tax system, the way that we're taxing is very contrary to growth. we reward debt over equity. we reward consumption over investment. and those kinds of things -- i think the rates are too high. we depend too much on the top 2% or 3% to pay too big a percentage of the taxes. so what i'm saying is if we restructured our system that i think democrats and republicans could agree on, you get more growth in the economy and get the jobs you and i want to see. >>...
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Oct 21, 2012
10/12
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>>> you want lower taxes. mitt romney says he'll cut everyone's taxes and he'll lower the deficit. wow! no, that would be having your cake and eating it, too. i'm ali velshi. this is "your money" and as long as folks running the office won't tell you the truth about the economy, i will. here's the problem with mitt romney's math. he slashes personal income taxes by 20% across the board, the cost of doing so will be $5 trillion over ten years. okay, so that's less money for a government already deep in the red, one would assume it makes the deficit worse, right? wrong. romney says he'll pay for that tax cut in two ways, one, he'll limit the tax breaks. he'll spur economic growth because people can use that money that they'll save this taxes. it's not entirely clear how much economic growth that will produce. what is clear is that the measly 1.3% of economic growth that they achieved in the second quarter this year isn't enough to make up for the romney shortfall, and with the u.s. economy forecasted to grow by about 3% in 2013 and 2014, romney's plan, as attractive as it sounds, is
>>> you want lower taxes. mitt romney says he'll cut everyone's taxes and he'll lower the deficit. wow! no, that would be having your cake and eating it, too. i'm ali velshi. this is "your money" and as long as folks running the office won't tell you the truth about the economy, i will. here's the problem with mitt romney's math. he slashes personal income taxes by 20% across the board, the cost of doing so will be $5 trillion over ten years. okay, so that's less money for a...
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if taxes only mean the tax, the income tax portion of tax burden for four fifths of the country, you're talking about something that doesn't matter that much. and in a democracy, you cannot be a successful party if you talk about things that don't matter that much to four fifths of the country. >> all right, your paycheck, your investment, your home, they may all be taxed a bit differently next year. that's if law makers can decide on a plan to avoid the fiscal cliff. so coming up next, i'm going to talk about a deduction that america loves, you probably love, but might be taken away. [ male announcer ] this is bob, a regular guy with an irregular heartbeat. the usual, bob? not today. [ male announcer ] bob has afib: atrial fibrillation not caused by a heart valve problem, a condition that puts him at greater risk for a stroke. [ gps ] turn left. i don't think so. [ male announcer ] for years, bob took warfarin, and made a monthly trip to the clinic to get his blood tested. but not anymore. bob's doctor recommended a different option: once-a-day xarelto®. xarelto® is the first and onl
if taxes only mean the tax, the income tax portion of tax burden for four fifths of the country, you're talking about something that doesn't matter that much. and in a democracy, you cannot be a successful party if you talk about things that don't matter that much to four fifths of the country. >> all right, your paycheck, your investment, your home, they may all be taxed a bit differently next year. that's if law makers can decide on a plan to avoid the fiscal cliff. so coming up next,...
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because you have to add both the obama care tax that's coming and the tax, the disappearing bush tax increase and this hits primarily as you know, small business owners and people who file subchapter s corporations. >> that's not who is primarily hits, it hits some of those people. >> over half of all the small business income that ends up paying this higher rate, if you do it. and the last time we did this, more than two-thirds of the people who got hit, were actually the subchapter s corporation. i think it would have a very significant effect. the other effect it has is that we're not cutting spending because we're spending too much money. and that sends a very bad signal. if we're not going to do entitlement reform, because every time we talk about it obama says let's raise taxes instead. we're dealing with tens of trillions of dollars in unfunded liabilities, in four years obama has done nothing on entitlement reform. nothing for four years. what has he done? chirped about raising taxes on rich people. raising taxes on rich people is what obama talks about instead of doing his j
because you have to add both the obama care tax that's coming and the tax, the disappearing bush tax increase and this hits primarily as you know, small business owners and people who file subchapter s corporations. >> that's not who is primarily hits, it hits some of those people. >> over half of all the small business income that ends up paying this higher rate, if you do it. and the last time we did this, more than two-thirds of the people who got hit, were actually the...
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and his tax policies, quite frankly. but vagueries, they don't hammer you on something if you're too specific. >> exactly, they just put a big old target on your back. obviously the more someone knows about what you want to do, the more people will oppose that. there might not be copious amounts of people but there will always be people that make an amount of noise. it gets to a pretty important question here because i don't care how many specifics these candidates would give you that would satisfy you, christine, they can't do it by themselves. they don't make the budget. th can't pass tax reform without a congress that they can work with and vice versa. so, to me, you say here's the direction i want to go, and here's how i'm going to make this happen. the fact is, what we're stuck with here -- not stuck with -- three branches of government, it's worked so far, but the fact of the matter is they can't say what they're going to do because they don't know who they're going to be working with, and neither one of them has y
and his tax policies, quite frankly. but vagueries, they don't hammer you on something if you're too specific. >> exactly, they just put a big old target on your back. obviously the more someone knows about what you want to do, the more people will oppose that. there might not be copious amounts of people but there will always be people that make an amount of noise. it gets to a pretty important question here because i don't care how many specifics these candidates would give you that...
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increase taxes a little bit, but make sure the tax system works better. tax reform across the board makes sense. broadening the base, increasing taxes a little at the top, but don't make all the spending go to the people at the top which creates a whole set of new problems that we don't want to deal with. at the same time, there's a lot of room for cleaning up the way we spend, making it more effective. it's not true that every education worker that we have is useful. it's not true that every teacher we hire is doing a good job in the classroom. we need to get more money for the dollar that we spend and so spending reform has to accompany tax reform. and that i think would put us on a more even keel. >> chrystia, what's the disconnect? listening to ragu sounds so obvious, if he were running i would want to vote for him. why can't we have that discussion translate into our elections? >> i'm going to vote for him too. two reasons, one, people are scared and at a time when people are scared if your message is blood, sweat, tears and higher taxes they are not
increase taxes a little bit, but make sure the tax system works better. tax reform across the board makes sense. broadening the base, increasing taxes a little at the top, but don't make all the spending go to the people at the top which creates a whole set of new problems that we don't want to deal with. at the same time, there's a lot of room for cleaning up the way we spend, making it more effective. it's not true that every education worker that we have is useful. it's not true that every...
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tax policy center forecasts american households will pay on average $3,500 more in tax physician congress let the bush era tax cuts expire for everyone. what effect could that and across the board spending cuts have on the wider economy? a new report from the center for regional analysis at george mason university predicts that some 277,000 federal employees will lose their jobs in the next 12 months. that's 14% of the federal workforce. and 14 of the 17 economists surveyed by cnn money predict fiscal cliff will cause a new recession. interestingly all 17 believe the economy won't plunge off the cliff because they think congress will finally get its act together and do something in the lame duck session following the elections or when the new congress convenes in late january. lame in either case. but by then it could be too late for the economy because companies don't like uncertainty as you know and some say they are holding back on hiring. we can't have an economic recovery without job creation. >> so with the looming economic disaster like the fiscal cliff you would have expected the
tax policy center forecasts american households will pay on average $3,500 more in tax physician congress let the bush era tax cuts expire for everyone. what effect could that and across the board spending cuts have on the wider economy? a new report from the center for regional analysis at george mason university predicts that some 277,000 federal employees will lose their jobs in the next 12 months. that's 14% of the federal workforce. and 14 of the 17 economists surveyed by cnn money predict...
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stop it, how would letting taxes go up be a violation or make the tax cuts a violation? that's inconsistent. one other item is the payroll tax. nobody seems to be talking about that. if the pledge applies to one, it applies to the other. >> it would be much easier if we didn't have all the temporary measures or pledges. mr. yoho, have you ever spoken to grover norquist? >> i have had the opportunity to speak to him. icon vaed my feelings. he seemed okay with that. i agree with congressman cole. we have a spending problem in this country. we've got the revenue. we need to get the economy growing to increase that revenue. i just want tori mind you, too, i'm not a member of congress yet. i'm sworn in january 3. after that i will be sworn at, i'm sure. >> you're a lucky guy for the next 30 days. enjoy it. >> gentlemen, thank you very much for joining us. we appreciate it. representative tom cole from oklahoma and congressman elect ted yoho from florida. >>> coming up, low taxes have been an article of faith among republicans for decades. is the gop willing to take us over th
stop it, how would letting taxes go up be a violation or make the tax cuts a violation? that's inconsistent. one other item is the payroll tax. nobody seems to be talking about that. if the pledge applies to one, it applies to the other. >> it would be much easier if we didn't have all the temporary measures or pledges. mr. yoho, have you ever spoken to grover norquist? >> i have had the opportunity to speak to him. icon vaed my feelings. he seemed okay with that. i agree with...
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now, my opponent won't tell us how he paid for his new $5 trillion tax cut, a tax cut that gives an average of $250,000 to every millionaire in this country, but we know the bill for that tax cut will either be passed onto our children, or it will be paid for by a whole lot of ordinary americans. that's what we know. and i refuse to let that happen again. >> president barack obama outlining what money has been spent on war. now that the war in iraq is over, the war in afghanistan to end in 2014. he said that money would be used to pay down america's debt and help build roads and bridges. much more of the president with his campaign called "forward." across america, these technologies protect air - by monitoring air quality and reducing emissions... ...protect water - through conservation and self-contained recycling systems... ... and protect land - by reducing our footprint and respecting wildlife. america's natural gas... domestic, abundant, clean energy to power our lives... that's smarter power today. a body at rest tends to stay at rest... while a body in motion tends to stay in motion
now, my opponent won't tell us how he paid for his new $5 trillion tax cut, a tax cut that gives an average of $250,000 to every millionaire in this country, but we know the bill for that tax cut will either be passed onto our children, or it will be paid for by a whole lot of ordinary americans. that's what we know. and i refuse to let that happen again. >> president barack obama outlining what money has been spent on war. now that the war in iraq is over, the war in afghanistan to end...